Gold on critical crossroads / Selling position engaged

Gold's general commentary: As my Medium-term Selling outlook is in continuation, Gold made a strong Bearish takedown on the foundation of more positive (Yields regarding) Fundamental announcements as Gold was losing value with every Hourly 4 chart’s candle. Price-action was close to reaching the Short-term Resistance of the Higher High’s (mentioned in my latest comments as #1,860.80 on Hourly 4 chart) much sooner than I expected, and got strongly rejected twice as the market should turn this fear into a parabolic decline similar to the Covid parabola early in February - March #2019, which could be the reason of this current Gold’s decline which is in continuation. As it happened then, the market psychology was similar to current variance and as soon as the Bond Yields recovered, Gold's Inflated prices deflated (as expected) and reached at least the Fibonacci retracement from October’s bottom. My next Medium-term Target is seen Trading around Hourly 4 chart’s #1,722.80, so Medium and Long-term Traders have their Target on crosshairs. The Hourly 1 chart is nearly Oversold and the RSI in particular on Hourly 4 chart near the #8-Month Support, indicating that Bearish sequence should stop somewhere between #1,800.80 - #1,805’s belt, as I will Trade the breakout.


Fundamental analysis: As Traders understand, even though I am a strong Long-term Seller, I am also Trading Short-term set-ups and the current one is good enough for me to continue Selling the market if U.S. session offers additional losses and accumulate Medium-term Sellers again. As discussed, Gold continues to be the product of High speculation on the Futures prices and the gap between Spot and GC (Gold Futures) persists. This just shows the continued High degree of Volatility and how unstable the market (along with most asset classes) has become (regarding Short-term). Technically the Daily chart's Neutral Rectangle is intact, however Price-action has hit its Higher High's Upper zone (#1,860.80 +) already with Gold now having #4 Higher High's since October #27. However, since early November’s variance, Gold has habit to break the Support / Resistance, make a confirmation then pulls back / up and continue Trading sideways, so Traders who were Trading breakouts lately have to re-evaluate their strategy / but since market returned merely to Normal conditions, engaging after the benchmark breakout is a smart move. As for the current situation, if Gold (by the book) breaks the #1-Month Support, automatically should be call for #1,788.80 or less (which represents Monthly Low) extension but, by recent experience - I’ll position myself accordingly and continue monitoring the market. Technically, break above #1,812.80 should put #1,822.80 configuration in motion and extend the recovery candles.


Technical analysis and my position: Price-action came too close to the Support zone and the fact that is currently not rebounding (no Buying response) may not only be Technically attributed to mentioned Selling sustainability fractal, but also to the fact that Price-action just hit the Lower High's trendline of the Daily chart’s broken Ascending Channel (indicating strong Selling pressure currently). Since my Support belt is invalidated (statistically, #4 out #4 Support clusters break were respected where Gold always pushed for Selling extension), I followed the pattern and engaged Selling order on #1,798.80 break (entry point), as my Target is #1,770.80.